Stephen Colbert’s out, Greg Gutfeld’s in, and late-night TV is a shell of its former self. Rob Long breaks down what went wrong, why Johnny Carson wouldn’t survive 2025, and how Kimmel, Stewart, Meyers, and Oliver turned late-night into political homework at bedtime — while fighting over the same half of the audience. But Rob doesn’t blame a certain president for the Late Show cancelation. He blames the thing that always forces showbiz’s hand: money.

Transcript here. For more entertainment news, subscribe to The Ankler.

Learn more about your ad choices. Visit megaphone.fm/adchoices